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Economy - overview:
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Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic (CAR), with more than 70% of the population living in outlying areas. The agricultural sector generates more than half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 40%. Important constraints to economic development include the CAR's landlocked position, a poor transportation system, a largely unskilled work force, and a legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.
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GDP (purchasing power parity):
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$3.007 billion (2007 est.)
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GDP (official exchange rate):
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$1.714 billion (2007 est.)
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GDP - real growth rate:
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4% (2007 est.)
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GDP - per capita (PPP):
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$700 (2007 est.)
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GDP - composition by sector:
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agriculture: 55%
industry: 20%
services: 25% (2001 est.)
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Labor force:
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1.857 million (2006)
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Unemployment rate:
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8% (23% for Bangui) (2001 est.)
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Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 47.7% (1993)
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Distribution of family income - Gini index:
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61.3 (1993)
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Budget:
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revenues: $250 million
expenditures: $273 million (2007 est.)
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Inflation rate (consumer prices):
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0.9% (2007 est.)
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Central bank discount rate:
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5.25% (31 December 2007)
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Commercial bank prime lending rate:
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15% (31 December 2007)
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Stock of money:
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$218.3 million (31 December 2007)
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Stock of quasi money:
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$47.58 million (31 December 2007)
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Stock of domestic credit:
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$320.2 million (31 December 2007)
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Agriculture - products:
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timber, cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber
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Industries:
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gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles
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Industrial production growth rate:
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3% (2002)
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Electricity - production:
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110 million kWh (2006 est.)
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Electricity - consumption:
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102.3 million kWh (2006 est.)
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Electricity - exports:
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0 kWh (2007 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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0 bbl/day (2007 est.)
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Oil - consumption:
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2,322 bbl/day (2006 est.)
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Oil - exports:
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0 bbl/day (2005)
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Oil - imports:
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2,057 bbl/day (2005)
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Oil - proved reserves:
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0 bbl (1 January 2006 est.)
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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0 cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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0 cu m (1 January 2006)
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Current account balance:
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-$77 million (2007 est.)
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Exports:
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$146.7 million f.o.b. (2007 est.)
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Exports - commodities:
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diamonds, timber, cotton, coffee, tobacco
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Exports - partners:
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Belgium 22.7%, Indonesia 19.3%, Italy 7.7%, France 7.1%, Spain 6.9%, Democratic Republic of the Congo 6.8%, China 4.9%, Turkey 4.7% (2007)
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Imports:
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$237.3 million f.o.b. (2007 est.)
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Imports - commodities:
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food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals
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Imports - partners:
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France 16.6%, Netherlands 13%, Cameroon 9.7%, US 6.3% (2007)
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Debt - external:
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$1.153 billion (2007 est.)
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Market value of publicly traded shares:
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$NA
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Currency (code):
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Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
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Exchange rates:
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Communaute Financiere Africaine francs (XAF) per US dollar - 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
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